If you’re like most people, you’ve likely got at least a few unused bank accounts floating around. However, there may be financial and security dangers associated with keeping these unused bank accounts active. Keep on reading to learn why it’s a good idea to shut these accounts down, the dangers that come with leaving them open, and how to safely close them.

Security risks of unused bank accounts

• Fraud exposure: Unused bank accounts can become targets for fraud. Closing these accounts minimizes the risk.
• Avoidance of fees: Many banks charge maintenance fees for inactive accounts. Closing unused accounts prevents the accumulation of such fees, helping you save money in the long run.
• Unauthorized access: Inactive accounts may be vulnerable to hacking/unauthorized access, especially if not regularly monitored. Closing them ensures that your financial information remains secure.
• Identity theft: Inactive accounts may contain personal information that could be exploited by identity thieves. Closing these accounts reduces the likelihood of your sensitive data falling into the wrong hands.
• Unauthorized transactions: Neglected accounts may be vulnerable to fraudulent transactions. Closing them mitigates this risk and protects your funds.

How to close a bank account securely

• Review and consolidate: Evaluate all your accounts, identify unused ones, and consolidate funds into active accounts to streamline your finances.
• Update automatic payments: Ensure all recurring payments and direct deposits are linked to active accounts, preventing disruptions in transactions.
• Clear pending transactions: Wait for pending transactions to clear before closing any accounts to avoid potential overdraft fees and ensure a smooth closure.
• Visit the bank in person: Whenever possible, personally visit the bank branch to close the account, bringing the necessary identification and documentation.
• Follow bank procedures: Adhere to the bank’s closure procedures, including filling out required forms, providing identification, and settling any outstanding fees.

For other online banking safety tips, click here.

Identity protection for the digital age

If you’re looking for a way to protect your identity and privacy, you should check out our newly launched service: Trend Micro ID Protection.

ID Protection has got all the tools you need to improve your online privacy and shield against identity theft, fraud, and unauthorized access to your online accounts. Its anti-scam capabilities ensure that you can surf the web safely and confidently, too.

With ID Protection you can…

• Receive alerts if your personal info gets leaked.
• Protect against online threats, such as phishing scams.
• Stop sites from collecting privacy-compromising data.
• Safeguard your social media accounts against hackers.
• Create, store, and manage strong, tough-to-hack passwords.

What’s even better is that you can enjoy a 100% unrestricted, 30-day free trial of ID Protection‘s Standard plan, so that you can take advantage of all its awesome features and start securing your identity and privacy today! Click the button below to get started!

If you’ve found this article an interesting and/or helpful read, please SHARE it with friends and family to help keep the online community secure and protected. Also, please consider clicking the LIKE button below and leaving a comment to tell us what you think!